A process documentation detailing the different methods of preparing income statements

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement itemsBasic financial statements for your companyIndividual Portion:Visit the SEC’s Web site (http://idea.sec.gov/idea/searchidea/companysearch_idea.html).Select a company filing of your choice that contains a multiple-step income statement.I chose Hershey Co and this is the website –>>http://www.sec.gov/cgi-bin/viewer?action=view&cik=47111&accession_number=0001193125-12-067143&xbrl_type=v#Communicate your selection with your group (each of you should submit a different company).Submit the link to this filing as proof of your research.Prepare a process documentation thatis prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.includes the following elements:a definition and description of the specific sections of the income statementa description of the different methods of preparing income statementsan explanation of the conceptual guidelines for reporting incomehow to handle the special types of income statement itemsPrepare a statement of changes in stockholder’s equity for Music Warehouse.Music WarehouseAdjusted Trial BalanceDecember 31, 2008DebitCreditCash$24,675Accounts Receivable5,625Inventory65,980Land93,000Building289,000Accumulated Depreciation75,000Notes Payable85,000Accounts Payable53,600Interest Payable4,750Common Stock10,000Additional Paid-in Capital120,000Dividends10,000Retained Earnings59,980Sales937,500Sales Discounts22,675Cost of Goods Sold723,000Salaries81,000Utilities8,900Repairs & Maintenance5,225Telephone2,850Interest Expense4,400Depreciation Expense9,500$1,345,830$1,345,830The following is additional information needed for financial-statement preparation:Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)Loss because of the discontinuation of the cassette tape music segment: $26,875Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)Beginning of the year balance of additional paid-in capital: $102,000Effective income tax rate: 35%

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